Cowhand's Bar-B-Q House went into business on January 1, 2009. The following information is available at December 31, 2009:
Sales revenue for the year
Cash on hand at 12-31-2009
Wages payable at year end
Cash received from customers during the year
Dividends paid during the year
Expenses incurred during the year (depreciation expense = $0)
Cash paid to buy long-term assets during the year
Accounts receivable at year-end
Determine the correct amount for each of the following:
a. What is the amount of net income?
b. What amount should be reported for retained earnings at year-end 2009?
c. What is the amount of accounts receivable at year end?